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Press Releases

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If you are a member of the media working on a story, email your questions to phile@pa.gov or call our communications office at 717.787.9657. It's helpful to let us know if you're working on a deadline and which media outlet you represent.

08/24/2017Pennsylvania SERS Announces Mid-Year Investment Returns
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated nearly $1.9 billion in net-of-fees earnings, or a 7.1% return, during the first two quarters of 2017. For the trailing 12 months, the system achieved an estimated 11.9% return net of fees.

On June 12, 2017, Governor Wolf signed into law Act 2017-5. This law fundamentally changes retirement options for most new hires beginning January 1, 2019. In addition, the legislation allows current members to opt-in to one of the three new options between January 1, 2019, and March 31, 2019.

The choice is irrevocable and would go into effect on July 1, 2019.

Retired Member?

As a retired member, this legislation does not impact your pension.

Active Member?

As an active member, you will have the option to switch to one of three new retirement options created by Act 2017-5, or to stay in your current class of service and continue accruing service credit toward your SERS pension just as you are now. You do not make your choice until early 2019.

While you don't have to make your choice until early 2019, here is a little about the three new options.

Two of the new options will feature a "hybrid" defined benefit pension/defined contribution plan.
That means that a portion of the retirees' benefit will be based on a calculation that takes into consideration their years of service and salary that will be paid in monthly payments for their lifetime, and a portion of their retirement benefit will be based on the amount of money they accumulate through their personal investment choices.

The third option is a straight defined contribution plan.
That means the retirees' benefit is based on the amount of money they accumulate through their personal investment choices.

A-3 or A-4 Member? (joined SERS after 1/1/11)
Act 2017-5 allows you to withdrawal your contributions and interest at retirement - that option currently is not available to you.

In the future, additional information will be sent to members who have decisions to make about their benefit.

In conjunction with the budget hearing, SERS released detailed information about the fund's 2016 investment performance, member demographics, actuarial information, and employer funding projections in its 2017 Supplemental Budget Book. Key data is provided in a budget handout that includes the budget highlights, Snapshot, 2016 retirement payments by county map, and funding explanation.

"Recent news accounts have associated the State Employees' Retirement System (SERS) with the indictment of Richard W. Ireland through his relationship with former Treasurer and ex-officio SERS Board Member, Rob McCord.

The indictment alleges that Mr. McCord, by virtue of his position on the SERS Board, had influence over SERS investment decisions and that Mr. Ireland sought for Mr. McCord to use that influence in his favor. It is important to note that the indictment does not actually allege that any influence was successful.

Further, there are no claims that any other SERS staff or board members were involved in, or had knowledge of, the conduct underlying the allegations.

Based upon a thorough review, SERS has found no direct holdings or investments with any companies that are known to be owned or operated by Mr. Ireland.

SERS members and the general public can rest assured that all investments are made according to SERS' Strategic Investment Plan, and opportunities are evaluated using a strict due diligence process - including an extensive third-party review - and are voted upon by the collective 11-member SERS Board. No one board member can unilaterally make an investment decision."

4/27/2016PA SERS Board Adopts Employer Contribution Rate
Reviews Key Results of 2015 Actuarial Valuation; Accepts Governance Review Report;
and Approves Actuary and Auditor Contracts
The Board of the Pennsylvania State Employees' Retirement System today formally adopted the composite employer contribution rate set by current law at 29.5% of payroll for the commonwealth's 2016-17 fiscal year.

3/09/2016SERS Portfolio Earned $116 Million in 2015
Board Retains Return Assumption, Adjusts Salary and Demographic Assumptions
The Pennsylvania State Employees' Retirement System today announced that the SERS fund generated $116 million in earnings, net of fees in 2015. According to staff and investment consultant RVK, the SERS portfolio returned 0.9% net of fees for the fourth quarter, resulting in a 0.4% net-of-fees return for the calendar year.

02/02/2016SERS Submits Tax Qualification
SERS has long been treated by the IRS as a qualified plan under the Internal Revenue Code. To preserve that favorable tax treatment, SERS, like many other governmental pension plans across the country, has filed a renewed submission for qualified status with the IRS.

01/27/2016PA SERS Board Approves $250 million in New Investments;
Updates Policy Statements, Extends Deferred Compensation Contract
The Board of the Pennsylvania State Employees' Retirement System today approved up to $250 million in investments within the private equity asset class.